Help w/raised panel assembly order

[rcp612]

I'm building a red oak desk using raised panel end panels. I've gotten to the point of assembly and know that the floating panels should be stained before assemby but, how far do you go? Do you stain all the individual pieces (rails/stiles/panels) first, before any assembly? Do you apply the finish at this time or, after its all put together?
I need to have the end panels assembled before I can continue the rest of the construction but, I don't know where to go or where to stop.
Thanks in advance for the answers from all.

[JimD]

What I do is to apply all but the last coat of finish before assembly. I apply the finish to the panel and to the inside edge of the rails and stiles. You have to mark the rails for where the stiles will intersect them and not finish that area. I finish about 1/2 inch of where they will intersect to make sure an unfinished edge does not show. After glue up, I sand the frame flush at the joints and put the finish on the rest of the rails and stiles. When putting the last coat on, I put a coat on everything.

Jim